Finance Minister Nirmala Sitharaman tables Economic Survey 2024-25 in Lok Sabha

Finance Minister Nirmala Sitharaman tabled the Economic Survey in Lok Sabha on Friday. The survey pegged India’s growth in the financial year 2026 at 6.3-6.8 per cent.

The economic survey, documented by a team under Chief Economic Adviser V Anantha Nageswaran, was tabled just a day ahead of the Union Budget. It provides an overall assessment of India’s economic performance in the current fiscal year.

On Saturday, Finance Minister Sitharaman will table the first full Budget of the Modi 3.0 government. Expectations include tweaking income tax slabs, a major infrastructure sector boost, and larger rural development and education sector allocations. 

Here are the main highlights of the Economic Survey 2024-25:

• India’s economy to grow at 6.3 to 6.8 per cent in FY26. This is in line with the International Monetary Fund’s projection which estimated India’s growth at 6.5 per cent

• The survey highlights that inflation in India will witness positive signs in inflation management. The Reserve Bank of India and the IMF have projected that India’s consumer price inflation will align with the target of 4 per cent in the next financial year

• India’s real gross domestic product (GDP) growth of 6.4 per cent in FY25 has remained close to the decadal average, according to the survey

• It has also mentioned the various government schemes that have helped in the growth of the Indian economy. These include the Jal Jeevan Mission under which almost 12 crore families across the country have gained access to piped drinking water

• The nationwide annual unemployment rate (UR) for individuals aged 15 and above (usual status) has consistently decreased from 6 per cent in 2017-18 to 3.2 per cent in 2023-24

• The survey says, “Strategic and systematic deregulation can catalyse growth, innovation, and competitiveness and is critical to encourage innovation for creation of a viable Mittelstand, i.e. India’s SME sector. With deregulation, India’s Mittelstand can help the states weather economic shocks, enable India to realise its manufacturing aspirations, attract long-term investments, and encourage growth which would be sustainable and ’employment-sensitive'”

• India’s agriculture sector recorded a growth of 3.5 per cent in the second quarter of FY24-25. A good monsoon season in the next financial year is expected to yield a good production of Kharif foodgrains which is expected to reach 1647.05 Lakh Metric Tonnes (LMT)

• The survey says that India is the second-largest exporter of telecom services globally and accounts for 10.2 per cent of the global export market. Services sector exports have demonstrated strong performance, growing by 11.6 per cent in the first nine months of FY25 amidst challenging geopolitical conditions